Intellectual Property (IP) Agreement

Description

• An Intellectual Property (IP) Agreement is a legally binding contract that governs the creation, ownership, and usage rights of intellectual property such as trademarks, copyrights, patents, and trade secrets. This agreement ensures clarity on IP ownership and protects the rights of creators, businesses, or collaborators involved in its development or use.

GOV Department

• Perbadanan Harta Intelek Malaysia (MyIPO) / Intellectual Property Corporation of Malaysia

License Name (Malay)

• Perjanjian Harta Intelek

Details

• The agreement defines the scope of intellectual property rights, such as ownership, licensing, or transfer of rights.
• Applicable for collaborations, employment contracts, or partnerships where IP is created or shared.
• Includes terms for royalties, usage restrictions, confidentiality, and dispute resolution.
• Ensures compliance with Malaysian Intellectual Property Law, including the Copyright Act 1987, Patents Act 1983, and Trademarks Act 2019.

Important Rules

• Ownership of IP must be clearly defined, especially in joint projects or employment situations.
• The agreement must specify how the IP can be used, licensed, or transferred.
• Confidentiality clauses must protect proprietary information from unauthorized disclosure.
• Parties must ensure compliance with local and international IP laws where applicable.
• Disputes over IP must be resolved through mediation, arbitration, or legal action, as specified in the agreement.

Compound & Punishment

• Breach of an IP agreement may result in:
  • Legal action for damages or injunctions to prevent unauthorized use of IP.
  • Fines or penalties under the relevant IP laws.
• Unauthorized use, misrepresentation, or infringement of IP can lead to:
  • Penalties of up to RM250,000 or imprisonment under Malaysian IP laws.
  • Termination of the agreement and loss of IP usage rights.

Advisor